As the Federal Reserve Board raises short-term interest rates over the next 15 months, the yield curve will flatten and the rate on the 30-year fixed-rate mortgage will rise to 6.6% by year-end and hover around 6.8% in 2005, according to a survey of economists by The Bond Market Association.The rise in interest rates "will not make housing unaffordable," said Richard Berner, chief economist for Morgan Stanley & Co. In fact the June survey shows that the economists expect 2004 will be another record year for home sales -- but by a very slim margin. (The survey was taken before the May existing- and new-home sales numbers came out, which established new monthly records.) While the respondents believe inflation will remain moderate, they are wary that an uptick could force the Fed to raise rates more aggressively. "There is some upside risk that shouldn't be overlooked," said Michael Decker, TBMA's senior vice president for research and policy. "Inflation could pick up if the economy grows faster than expected or labor costs increase."
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
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Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
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Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
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